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>> a very good afternoon. 1:00 eastern. >> i am crazy burns. senators returning to washington from last attempt but the house is still out and no new negotiations are scheduled. >> consumer confidence is plunging taking the market down with it. which ended 16 points. trending back and forth. as jobless claims to drop to the lowest level. >> today we look at the un study future of the middle east. what risk lies ahead let's get to speed with the markets are we going over the cliff? consumer confidence is dismal let's go to nicole petallides at new york stock exchange. >> the market under pressure hovering around 13,000 where we're sitting right now. othello's of the day. we have recouped some of the losses but we're still down over 100 points. every single component is a red. johnson & johnson. pfizer. aluminum. and materials. jpmorgan that hit a 52 week high it is now a loser. with the vix index look at the levels the volatility index it is a showing and the indication there is nervousness with washington. what will lawmakers do with a decision? this is the highest point* of a one-
washington should not pull out the rug from under this rebound. ship wreck, massive port strike that could happen this weekend halts commerce for the country. top of the hour, stocks now and every 15 minutes, lauren at the new york stock exchange. stocks down, but it could be worse, lauren. >> it could be worse. at one point, after 109 points, and now down 59 on the second to last trading day of the year. the nasdaq, believe it or not, is the winner today, down by just about .16%, doing the best of the three major averages. i point that out because for the month of december, the nasdaq is the only major average negative. it's interesting to know we started the year with nasdaq at 26.0 # 5, and now at 29.81, we came a long way. a good year for tech. the vix up above 20. fear of the fiscal cliff and traders saying, all right, we have this idea of a deal getting done baked into the markets, but maybe that's going to unravel a little bit. barnes and noble share, stock up more than 6 #% as i speak. the news is both good and bad. bad news first. they say the holiday period and sales trends will
out of washington. we have boehner coming out with plan b. we are getting harry reid response saying that speaker banners -- boehner approach is very far away. the markets have managed to move back higher. there is a look at the nasdaq. the dow is a winner of about .5%. connell: let's follow up on this breaking news on the speaker of the house john boehner. dagen: richardson is live in washington, d.c. with what the heck. rich: the house will vote as early as this week to extend tax rates for those making less than a million dollars a year. house speaker john boehner says he is still negotiating plan a with president obama. the reason for the backup plan, speaker boehner says, after optimism, the white house is latest offer has soured the mood within republicans. >> it was essentially a $1.3 trillion in new revenues for only $853 billion in net spending reductions that is not balanced in my opinion. rich: there are substantial differences. the speaker is willing to allow a rate hike on those earning less than, excuse me, more than 1 million. speaker boehner wants a $1 trillion in spe
in the country. his work is not done yet. people worried about washington keeping their spending type. time for stocks now. nicole petallides is at the new york stock exchange. nicole: the dow is down about ten points. the s&p pulling back one quarter of 1%. a lot of the retailers loved like the biggest losers. 500 stocks are comprised and represent oriole to autos to airlines. the sector that was really lagging where the retailers. oil has been moving to the upside. there is a lot going on with that. and oil spike of two dollars. now, let's take a look at technology. we do see some of the tech stocks doing pretty well. hewlett-packard and intel have been among the real losers for the year 2012 on the dow. today, you continue to see this trend which is a little better. back to you. dagen: thank you. the senate returning to washington tomorrow. the president, as well. five days left to revert the fiscal cliff. now that plan b is that, will there be a plan c or f for failing? peter: president obama expecting to arrive in d.c. tomorrow. white house says they will let us know if there is any up
on wall street continued to talk about washington, that remains a serious issue here. everyone knows that has not been solved yet. the truth is, there is nothing on the table. with that being said, you can see the dow and the nasdaq are down three quarters of 1%. the s&p is the worst of the bunch. bank of america and jpmorgan weighing on the dow jones industrials. i wanted to check in on toyota motors. we are watching this closely. they are doing this $1.1 billion agreement. the owners of the 16 million cars, a lot of complaints, obviously. they do not have to admit guilt. the settlement does not cover injuries and wrongful death. it does cover all of the economic concerns and crisis all these people suffered. liz: thank you so much. we will be back with you in just a few. not only the weather, u.s. jobs are heading to canada also. with its high unemployment rate, watch out california. workers are the prime target. we are live in los angeles with this very interesting story. >> you are exactly right. canada is looking to double its oil production over the next 20 years. they do not h
are always relatively optimistic about the economy, but even after last night and what we in washington? >> sure. you know, yes, the fiscal cliff is coming. we have known him for a long time. the dow is still over 13,000. it is not just because the market thinks we have the great deal ever. tax rates will go up. we will have deficits, as far as the eye can see. by the way, we had pretty darn good news on personal income and spending and durable goods today. the economy is hanging in there, as well. connell: i thought it would be interesting to watch the close, because to me, maybe a deal is more likely after last night because the speaker, if anything, lost his leverage. how do you view that part of it? >> in the end, there is really an infinite number of outcomes. we believeethere is really just about 25% chance that we just go over the cliff unimpeded. the sequestration happens and all of the tax hikes. some kind of deal will probably get done. if the house were to pass that bill, it could go into law. it would keep dividend and tax rates from going higher. they just cannot reach a de
in the coming hour. a surprise in your check at the end of the week. the mess in washington leaves employers wondering how much they should with hold from your paycheck. the world, stuart was just showing you pictures of shanghai, the world already starting the celebration. the dawn of 2013. happy new year, everybody. there is a live look at shanghai, china. top of the hour. time now for stocks. >> good morning. searching for direction. not a big surprise for new year's eve. we have seen the dow down slightly. the nasdaq is up about 15. we are watching pfizer and bristol-myers squibb they just approved a stroke preventing tail. the market for this drug could be huge. 8 million worldwide have this disorder. a huge market here for the drug. it is facing some stiff competition. we are taking a look at the markets right now. bristol-myers is up slightly at the moment. dagen: thank you, diane. we will see you shortly. we are a little over 12 hours away from 2013. pc is then scramble mode. richmattson has this story. rich: significant progress in the last few hours. we have the leaders on capitol
to speak. if washington get together, it will be nice to see. shibani and ashley, this is the most unproductive congress sent 1947. ashley: that is not easy to do. shibani: there is a lot going on this year. i am shibani joshi. ashley: and i and ashley webster. fiscal cliff talks are stalling. tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [ laughter ] ashley: time now for stocks now as we do every 15 minutes. we are up 51 points. not too bad on this last trading day of the year. >> that is right. the dow has been pretty flat. going back and forth between the red and green. the nasdaq is up 30. same goes for the s&p stock of about nine points. w
just need to feel better. cheryl: do something. come back to washington, first and foremost. dennis: a musical about some guy singing about his real feelings. lori: we are looking at the markets. tracy: i would like to see that, but i have not. lori: i have only seen it on broadway. stalks off to a tough start. early numbers point to a tough season. tracy: a nice and shiny fiscal cliff. president obama cut his vacation short. we are tracking where it is headed next. we are expecting negotiations to continue tomorrow. there is talk now that that may not happen. time to head down to the new york stock exchange with nicole petallides. nicole: merry christmas to everybody. the vix, the fear index, has been to the upside. whether or not washington will solve the worries about the so-called fiscal cliff approaching quickly. here is a look at the dow. 13,100 even. most of the dow components are under pressure. hewlett-packard doing well and bank of america in the financial round. it really is being laid upon by the retailers. i no adam shapiro will add on to that. there is a look at some m
the fiscal cliff. not just yet. they have not come to a solution in washington. that is front and center. we are also seeing a flock to the area that are safe. the dollar is higher. gold is higher. we are also -- there is a look at the dow jones one week. last friday we close that 13,135. we are still actually of about 30 points for the week. that is if we were to close right here. for right now, certainly, read on the screen because there is so much concern about washington. melissa: thank you so much. many believe the speaker in the senate, but it did notie -@even make it through the house last night. i next asked is not confident it will happen within the next year. >> we will see what the president says. after what has happened this week, it is not clear what the way forward is. it is more likely than not that we will grow into january without a deal. melissa: what does that really mean for the economy? >> it is to businesses to decide when they change their holdings. there is some spending programs that will be extended. they are uncertain about the outlook. there are a variety of ways
of washington; right? low for a deal to meet the deadline. the markets show traders, well, they are not exactly optimistic. right now, stocks down 69 points, moving lower for the fifth straight session. one crisis, however, has been averted on the east coast and gulf coast. a massive looming port strike will not happen, at least for now. going live to miami ahead in a few minutes for up to the minute details on that and why it's not -ealing a blow to the u.s. economy. first, stocks, as we do every 15 minutes, going to the floor. new york stock exchange. lauren is there watching it. any indication from the investors and traders about a deal? are they telling you if they have an inside scoop? >> they do not have an inside scoop, but there's con play sen sigh, and stocks stuck in the range, down half a percent for the broader market, down for five days in a row waiting, two hours from now, to hear somebody in washington say something about fiscal cliff, and then we'll move on that news, but traders are saying if we get a deal done, we'll see the market take off. we have not seen a santa claus rall
that reflects conservative ideas. match that with the researchers in washington that to the policy work for heritage. connell: i think a lot of people will hear or read about this today and think about the conversation we have been having about the future of the republican party. does the tea party still have, you know, lindsey graham just put a statement out saying he is very disappointed that demint is leaving. the conservative movement lost a strong voice. he will do a great job at heritage. is this part of that story? >> i think senator demint believes that the republican message going into the election was a strong one. it just simply was not well articulated. i agree with senator demint. i do not believe that the republican party has to transform its position and become more moderate. take an idea like economic growth. the difference between 2% growth and 3.5% is a different like night and day. senator demint told me he started his career as a market researcher and advertising. he knows how to communicate with people. he became very frustrated sitting in the senate failing to do a
to understand the fiction in washington. it is a trillion dollars more taxes paid. there was a trillion dollars less of an increase of what we had previously expected to have. tax cut is fiction and washington. he cannot agree to a deal that is not acceptable to a majority of his majority. [talking over each other] melissa: part of it comes from raising taxes on those over $1 million. the other part comes from closing loopholes down the road. it all makes me think that we are not that close to a deal yet. >> all too often what you have is something with a lot of loose ends that never get tied up. i think john boehner, and bless his heart, he has the toughest job in town, he lives in a horizontal world as opposed to the vertical world that the president lives in. the president says i want something, well, everyone says, yes, sir. [talking over each other] melissa: where do you think the middle is right now? how much do you feel like john boehner really gave and what do you think the president would accept? where do you think the middle point is? >> it is a very difficult topic. truth on taxes, f
say they will cut their vacation short to return to washington later this week to try to get back to work to hammer something out. dennis and dagen? dagen: peter, aren't they nervous about this? do you get that sense from them at all down in washington that, like, the time is here now and you're -- i know it is christmas, but come on, people. peter: once again, we go right up to the brink with all these gamesmanship waiting for somebody to blink first. nobody has blinked yet. dagen: are they going to fix the alternative minimum tax? peter: i've got that on my list of stories for wednesday. i mean that would hit 30 million people for 2012 if they don't fix it, and they always do, so i would expect that would be in some kind of package in the senate. dennis: all right, thank you very much peter barnes. peter: thanks guys. dagen: thank you very much. we want to bring in steve moore to ask him quickly if there's enough time to get a deal done. he's senior economics writer at the "wall street journal," author of "who is the fairest of them all" and steve now that i introduced you, we'r
.5%. connell: a news alert from washington. you will see it here live from d.c. as we wait for the speaker, we will hear from a guy who says >> whatever god deal is signed, there will be a lot of pressure. boehner will have to cut a deal that raises taxes. their idea of fiscal conservatism, for two decades, has only been about taxes. meanwhile, under current sentiment, underneath him, why don't you finally go after spending. those tea party people will be completely hostile to whatever deal comes up. connell: the reason he is speaker of the house is because of those tea party. the same group that may, if you are right though i drive him out of town. >> he has been systematically pushing tea party people out of committees in order to get his conference more in line. connell: he better kind of followed the line here. >> that is how you organize and discipline. it will hurt the economy without solving the problem. connell: is he supposed to -- that would be characterized as a "grand bargain." if you are right, his job is literally on the line. >> there isn't much of an option. he has not been tal
in washington for jpmorgan chase. the probe covers $5.8 billion in losses. it is caused by the london whale, a trader that got a reputation for big bats with complex financial investments. the wide net that the subcommittee appears to be casting will not necessarily lead to any formal charges against the bank, any formal hearings on the trading losses or any scathing reports. senator carl levin, the chairman of this subcommittee, criticized the bank in may when it announced this law saying it "made a very big and complicated that that now has gone very wrong." he is now one of the sentence leading critics of wall street. they did not comment on our story today. if a probe generates any substantive results, that could mean war headaches for ceo jamie dimon. it has been investigated whether -- that issue as well as the bank's internal controls oversight of traders and other matters could be among the subjects of the subcommittee's probe. melissa: peter barnes, thank you so much. lori: breaking news out of egypt. thousands of protesters ready to march on the palace to protest president morsy.
there to me, peter. >> that is right. the housing secretary cannot rule it out. washington is certainly closer to one after the latest audit of the fha fund has a capital reserve shortfall of $16.3 billion. the administration says it is too soon to say whether the fha will need treasury funding. >> can you assure us and the american people today as the secretary of hud and fha will not do that, or you don't know yet? >> senator, i wish i had a crystal ball and i could tell you we won't at the end of the year given the reports. obviously i am highly concerned about that possibility. >> to avoid a bailout agency is increasing fees and making other reforms. the administration says it will signal its intentions on the treasury bailout when it releases the 2014 budget in february and will actually decide to pull the trigger or not next september. lori: okay, peter, thank you. all of this heated discussion debate dying down by then. melissa: think your kid has what it takes to be the next oracle of omaha? lori: and he still go green and make a lot of paper? next. want to try to crack it? yeah, that'
join us from washington, d.c. welcome to you. >> thank you. lori: why do you think right-to-work is good idea in michigan? >> michigan has th been one of e states hardest hit by the downturn. they want to do what they can to attract jobs. right-to-work states have lower unemployment rate. it is not hard to understand why businesses don't particularly want to be unionized. they don't want to have happen to them what happened to general motors or chrysler. yothey make it less profitable r unions. as a result you get more invested and more jobs. jobs are one thing michigan definitely needs. lori: i agree. the unions would argue many of the freedoms, many of the advantages their workers enjoy her because of the lobbies and the history they have had, therefore the unions are deservedly deserve their dues. >> if you can persuade workers to give you their money, that is fantastic, that is your constitutional right. they should not be forced to pay dues to the union. 20% of union households in michigan support the right to work law. probably because there's a awful lot of union w
out of washington have been priced into this market. the dow jones industrials dropped nearly 1%. the nasdaq up 1.4%. a look at the dow jones intraday with a majority of the dow components all into the green, names like bank of america leading the way, oil services all doing well, and talking with equity partners and said why does it pop right now if they think the fiscal cliff talks come to fruition. he said people are chasing. some people taking short-term profits, but altman o alternatee are still believers in a santa claus rally and the fact washington will get it right. melissa: nicole, thank you very much. proposals to avert the fiscal cliff coming fast and furious right now. we want to get you up to speed on where every proposal stands. for the first time the president conceding on tax hikes on those over 400,000 instead of 250,000 per year. that would raise in theory $1.3 trillion in revenue. speaker benard plans for tax hikes on those who make over a million dollars along with a trillion in spending cuts. although it looks like we may be getting closer to a deal, speake
for our state and finances. we are not elected to fix all the problems in washington. the president and the members of congress are here to do that. we are here to offer resources. [inaudible question] >> in our case, we talked about this just the other day. we felt it was imperative for us to focus on things republican and democratic alike. [inaudible question] connell: live coverage from the white house. the last speaker was scott walker. talking about the relationship between the local governments and the federal government over this fiscal cliff situation. our next guest is here to say, our point is, we need the government out of the markets and we need to get them out now. he is in d.c. today. what does that mean, you need to get the government out of the markets? >> you know the solution. they have to compromise. cut spending, cut entitlements and increase tax. that is the bottom line. there is just too much affecting this market. the word on the street is, by boehner, so read. we have to get the government out of the market. connell: you can see where the compromise could hap
on in washington, they can't make sense of it. >> do you think it's change at all? -ust a fever pitch with the cliff coming up? >> it's getting worse. it used to be there were big people in the senate and house who wanted to do the public good. right now, at the process, neither side is committed to it. >> what's next then? it was interesting this weekend to hear, for example, john boehner on with chris l wallace on fox news saying we're nowhere. shouldn't they counter with the president even if they think it's a ridiculous offer? >> if i'm advising the republicans, which i'm not, i'd over a republican plan that's progrowth, pro job creation, get rid of grover, and say this is what we're for, mr. president. here's the plan. i would say let's bargain in good faith. >> the sunday talk shows, geithner saying republicans need to deal with it, and others it's a stalemate. do you think that's for show though? it seems like the deals in washington, at this time of the year happen at the 11th hour, last three years especially for taxes. >> could have been for taxes, but,,and the but is very i
to the deadline at the end of next year, i think a lot of the lawmakers in washington will be looking at details. things that were put in place to get the bill passed. maybe some corrections to the bill. connell: scott brown, thanks a lot. dagen: we will soon see corn prices hitting new record highs. sandra smith will tell you all about it coming up in today's trade. connell: we will also get to some of the winners. here they are at the nasdaq today. ♪ there is no mass-produced human. every human being is unique. and there is one store that recognizes it. the sleep nuer store. the only place in the wod you'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. temperature-balancing bedding. dual warmth comforters. all designed around the sleep number bed: a bed with dual-air technology that allows you to adjust to the support your body needs. each of your bodies. in the name of human individuality: the sleep number collection. discover how ou
of this worrying going on in washington, d.c. there is no easy answer. as we approach the end of the year, though, how do you think the s&p 500 has performed so far. though surprising results of a new survey on investor sentiment and it turns out perception does not mean reality. melissa: take a look at oil. no decision on who is going to replace the secretary-general as we told you yesterday. i want to show you metals as we go out to break. also rallying. gold is up seven tenths of a percent. we will be right back. ♪ ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch
states well above 2%. is anything that is happening in washington right now going to contribute? not at all. connell: you might as well come up with something. just make the most of it and move on. >> i would like to see the so questioner. it would show the united states can reduce spending. i think it would have a very positive affect. i do not think it reduces spending enough that it would have any real material effect on the economy. all right, dan, thank you very much. good stuff. talk about this number. 3.1%. on the surface, just look at that, that is not bad. john riding is here now to say that recession is, believe it or not, not off the table. >> absolutely. only if we go over the cliff in 2013. i am not worried about the spending side. it is the hundred billion dollars. it is the tax side that is the real issue. the economy is growing at two. we cannot make that. connell: we will talk about housing a little bit later. >> these are all good numbers. if you give the economy a chance, we could have that growth in 2013. connell: if you give the economy a chance. patch is ba
the cliff. rich edson in washington with the latest, rich? >> they are stuck on this offer, which the white house says is less of an offer and the same position the administration staked out in its jobs bill and deficit proposal over the last couple years. half trillion in tax increases or trillion and a half in tax increases, $600 billion in spending cuts, more spending, and a permanent increase in the debt ceiling. on fox news sunday, boehner called that deal a joke. >> just flabbergasted. i looked, and said, you can't be serious? i just never seen anything like it. we got seven weeks between election day and the end of the year. three of those weeks have been wasted with the nonsense. >> okay. you heard them, the first time in two decades now, acknowledge they want revenues up as the balanced plan, a good first steppedded, but they have to say what they do operates and revenues. that's hard for republicans. >> runs of billions of spending cuts, tax increases begin in less than a month, and with the negotiations, two sides are about where they started. still, aids say it's early to be mov
in washington. speak up for the fiscal cliff is part of the half trillion dollars in cuts to the pentagon. the defense has been saying we will not plan for sequestration's because they don't want to be cautious because it is like a gun to the head. they're now looking into planning for this because we are getting pretty late, and that may become a reality. back to you. melissa: rich edson, thank you so much. lori: let's continue this discussion. it is going to happen, it is exactly what the democrats want. according to scott hodge of the tax foundation. what are some alternatives to raising revenue? joining me with some ideas. to your point, you're written quite extensively on this topic. it seems the economy is poised to fall off the cliff and that's what the democrats and the president wants to happen. >> they want to allow all the bush tax cuts to expire. it happens naturally automatically. they don't even have to vote for it. in january we had to lower taxes for everybody. getting it very simply. lori: a lot of people are concerned. if we do go over the cliff, there's no resolution fo
in the month of november. breaking news from washington. the speaker of the house john boehner. let's listen in. >> the tax hikes that the president campaigned on, that had more stimulus spending then cuts. and indefinite, infinite increase on the debt limit forever. four days ago, we offered a serious proposal based on testimony of president clinton's former chief of staff. since then, there has been no counter offer from the white house. reports indicate that the president has adopted a strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code, the president wants to raise tax rates. even if the president that the tax rate hike that he wanted, understand that we will continue to see trillion dollar deficits for as far as the eye can see. washington has a spending3 problem, not a revenue problem. if the president does not agree with our proposal, i believe he has an obligation to families and small businesses to offer a plan of his own. we are ready and eager to talk to the president about such plan. >> you did speak with the president earlier t
still believe, our sideline, they are hesitant based on the uncertainty associated with washington and the economy. they have actually probably fallen a bit behind on the hiring they need to do. i do think we can do better than this. melissa: if we cut that this rate, it would take us nine years. is there anything we could be doing better? >> i know everybody says this, but i do think it is true. it is more certainty. if we get, not just a fiscal term agreement, a longer-term deal. if we were to be able to reach a longer-term deal, the grand bargain and for once and for all, put this uncertainty about taxes and spending to rest. i think that is what it would take. i think that is what would get hiring and investment back on. melissa: we saw a dip in consumer sentiment again. do you believe people are worried about the fiscal cliff? >> they are looking out what is right in front of them. we talked about this before. this is the first crack we have seen in sentiment. in the response and half of them, half of them unsolicited said they have been hearing about higher taxes. i do think
. lori: a showdown in washington. sparring over a dead deal. it does not look like either party is ready to budge. where are we now, rich we are still in the middle of a work in progress. that could be a little bit of an understatement. democrats say they want a commitment from her republicans. basically, we are in the same spot. here we are at the 11th hour and the president still is not. about dealing with this issue right here. it is this issue. spending. >> the public posturing continues. there is a questioning today about whether or not we get to the point where tax rates are ready to increase on nearly every taxpaying american. the speaker would not comment. back to you. lori: so frustrating. rich edson, thank you so much for that update. lori: we will be on pins and needles for a while. the voters are sending mixed signals. voters think the best way to deal with the countries deficit problem is mostly with cuts and government spending. majorities say major spending cuts are necessary. that solely raising taxes on the wealthy is not enough. even so, the most popular is raise taxes
right now in washington. >> felony wire fraud for engaging in a scheme to manipulate the libor rate. the company has agreed to plead guilty to this charge. to its criminal conduct and to pay a $100 million fine. ubs ag (company has agreed to pay a penalty of $400 billion to the united states government. combined with roughly $1 billion in regulatory penalties and disgorgement, these criminal fines and penalties bring today's total resolution to approximately $1.5 billion. the nonprosecution agreement illustrates the significant steps ubs has taken to help investigate libor misconduct. and it reflects the department determination to rigorously enforce criminal laws and enforce our willingness to bring criminal charges under these laws when they are supported by the facts. additionally, in a second complaint, two former ubs traders have been charged with conspiracy. one of these individuals has also been charged with wire fraud and and antitrust violation in connection with these activities. to spread false information, they manipulated the benchmark interest rate on which any consume
. lori: why do you think washington as a whole seems to rebuff the idea. >> because it is a source of power. being able to amend the code, and change the code. everyone has to come to you for relief. opponents and competitors and things like that. so they're not going to change on their own. you don't change minds on capitol hill. you do it through the heat of public opinion. as the only way you'll get it done. lori: you're not optimistic. describe for me how you see that environment impacting american business. >> it means hair not going to have even the kind of a semi vibrancy we have this year. fourth quarter will be slower. slower next year because we have these enormous deregulations coming down and health care. taking risks for the future. so now like a car on the superhighway going 30 miles-per-hour on we should be going 70, were going to go down to ten or 15. lori: your take on this idea that american business and investors will rehabilitate the struggling economies your describing earlier in the conversation to the detriment of us in the u.s. >> you have seen some of that
days in selling. down arrows for the nasdaq. down 1.1%. connell: breaking news out of washington. earlier, speaker boehner speaking about the fiscal cliff. now it is president obama. let's listen. >> we have emerged not yet where we need to be, but we certainly have made progress. the reason we have made progress in part is because of the outstanding management and productivity and gains and efficiencies that you have been able to achieve in each and every one of your companies. i have said this to some of the small groups, let me repeat it to the large groups, i am passionately rooting for your success. if the companies in this room are doing well, then, small businesses and medium size businesses up and down the chain are doing well. if companies in this room are doing well, then, folks get jobs, consumers get confidence and we will be able to compete around the world. now, the good news is, despite the extraordinary challenges we have seen over the last four years, there is progress in some key sectors of our economy. we have seen housing finally begin to bounce back for the f
and their families. >> that is always necessary. connell: thank you. it is great to see you. the more washington delays, the more we could all be paying. the irs at risk. if that happens, it could send us into recession. dagen: at the lowest gas prices we have seen in years. it has not been this good for drivers for, well, about a year. still up almost $88 a barrel. ♪ >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. that's why you need lifelock to relentlessly protect what matters most... [beeping...] helping stop crooks before your identitis attacked. and now you can have theost comprehensive identity theft protection available today... lifelock ultimate. so for protection you just can't get anywhere else, get lifelockltimate. >> i didn't know how serious identity theft was un
this every time in washington. it gets to people after a while. regular people who just hear about it. even if it does not affect them that much. they just start to think, the government cannot do anything right. say they do. say they cut a deal. they come up with some sort of fiscal cliff solution, if you can call it that. what does the economy look like dead? >> i think that regardless of a solution, i think the economy will pick up. it is like a speed trap. you will slow down to some ridiculous slow speed when you go through that town. once you know what the rules of the roads are, you will come back through a little bit faster. connell: what are the things that we are doing right? >> well, the one area that is really picking up is homebuilding. homebuilding will do better. it will do better next year in a matter what happens in the economy. the inventory of new homes is that in inventory low. even if sales pulled even, construction will pick up. i am trying to balance that optimism with the reality when you look at past recessions, recessions are typically caused by policy mistakes. the
reid in washington. cheryl: hold your vote on plan b but it will get nowhere in the senate, right after that but there will be a lot of wrangling going on. it is all in the negotiation, a little back and forth. melissa: so much theater. i am melissa frances. lori: i am lori rothman. this is the real deal. no kabuki theater here. this takes the spotlight on capitol hill with the clock counting down, any chance plan a, b will pass in time? john boehner expected to speak about the cliff in 15 minutes, we will bring those compelling comments live. melissa: the national federation of independent business met with the president yesterday about the cliff. he will join us in a moment. american banks on guard for a new round of cyberattacks. your money could be at risk. we will talk to one cybersecurity expert who helps banks, stock exchanges or more protect themselves from attack. lori: a blockbuster deal for the intercontinental exchange, taking over the 200-year-old wall street institution in an $8 billion deal. charlie gasparino has new details. let's get updated on the markets, stocks belon
. they need to know that the politicians in washington, d.c. are doing what we sent them there to do. if there's rid the world, we would not have these problems. we cannot continue to kick the can down the road. melissa: mayor buckhorn, thank you for coming on. happy holidays. lori: he answered questions with a smile on his face. melissa: he is a great guy. lori: and you grilled him. losing our aaa rating. just another possible result of no deal on the fiscal cliff. melissa: as we head to break, let's take a look at metals. you can see gold trading lower. down three tenths of a percent. we will be right back. ♪ ♪ lori: let's make some cash with charles payne. he is looking at a retailer. charles: lori loves that. michael kors, we have had a tremendous amount of progress with him this year. my wife sent me her christmas list. she mentioned, first of all, when i looked at the list, i went down and got a hotdog from a hotdog stand. she had some of the usual things on there. the burr berries and the louise, but she said a watch with a lot of bling. that is a michael kors watch. when was the la
, peter. peter barnes in washington. connell: groups of union workers expected to continue their protest against michigan becoming the nations 24th right to work state. dagen: we should point out, this just gives people the option of opting out from paying union dues. that is all that it does. the governor says he will not take on this divisive issue. low and behold, he is willing to sign it when it shows up on his desk. >> the governor did not want the kind of confrontation with unions, that, for instance, you saw in wisconsin. they put on a referendum on the november ballot saying we want to constitutionally banned the right of right to work. unions defeated the governor, one of the governor's favorite laws which is this emergency manager walt which he is trying to use to desperately save michigan cities that are desperately in trouble, including detroit. connell: he was forced, in your view. he maybe it would not have done it if it was not for that. >> the emergency managers law. connell: the idea that he is in support of it. [talking over each other] connell: is the union movement, y
is joining us from washington, d.c. how serious should we take this north korean rocket rods? >> very serious. it means that the five members are interested. the development of these rockets is only a prelude, a projection, for more missiles towoodard. dagen: did you expect anything out of china? >> there will be narrative. there will be verbal chinese warnings. not to develop, you know the situation. they have their own narrative that think should be stable. if they do not get anything else from us, in return, that has not happened so far. dagen: relate north korea and this latest action and problems in the middle east. north korea's relationship with iran supplying technology there and does this now take our eye off of, say, just syria? >> it should not. any rocket or missile launch in northern korea is a missile launch for by rob. they are allies. they give each other technology. yesterday the president of the united states still clear that he will be the ally, the partner of the syrian opposition. dagen: serious how? what is next? what power does this give the rubble group and where does
. there is this mythology in washington and some of your guys in wall street it is bad for the economy. we keep focusing on the tax side of the equation but don't forget we have a spending site and the republicans a lot more say we don't like that option very much, this is the only way to get spending cuts. $110 billion spending cuts that happen automatically if you don't reach a deal. lori: if we don't rein in spending by meaningful amount will get another debt downgrade to the sovereign debt and it could be all over, interest rates shoot up and you have real problems. >> especially if you look in the future, even on the low interest rates expected within eight years we will spend more in interest payments then national defense, social security and that they care. if the rates go up, you're talking about billions of dollars of additional expenditures. any progress and talk about the last few weeks. lori: thank you. and i will book you for new year's eve. melissa: breaking news, google gmail service having intermittent outages. it is investigating the issue. gmail has 425 million gmail users worldwide.
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